Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla has declared the local financial landscape on solid footing, saying the banking system is strong, stable, resilient, and responsive to the changing needs of the economy.
“Our banking system sustained its solid footing as shown in the continued growth in its assets, deposits, and profits, as well as ample capital, liquidity buffers, and loan loss reserves,” the central bank chief said.
This developed even as such institutions as the World Bank, the International Monetary Fund and the Manila-based Asian Development Bank acknowledged that disrupted supply chains and the war in Ukraine have pushed high inflation and low output growth scenarios at the forefront for economies around the world.
Medalla also highlighted the central bank’s commitment to champion financial inclusion and digitalization as well as build a technologically advanced, environmentally responsible, and financially inclusive economy.
Just before the long weekend, he led ceremonies where the theme revolved on “A Future-Ready Philippines: Digital, Sustainable, Inclusive.”
This was part of an annual gathering held at the BSP’s head offices in Manila and attended not just by BSP officials and representatives from the banking community but by diplomats and financial journalists as well.
With the Medalla in the photo (third, from left) are Monetary Board members Anita Linda R. Aquino, Peter B. Favila, Finance Secretary Benjamin E. Diokno, Antonio S. Abacan, Jr., and Eli M. Remolona.
